Trademark-Led JV Ready To Advance $100M MXD
By Connie Gore
FORT WORTH-Trademark Property Co., with three years invested into the plan, has cleared its last hurdle to put a $100-million mixed-use project on the banks of the Trinity River. The joint-venture project with RP Partners will get its next major push within 90 days when a national hospitality developer, with an upscale boutique flag, finalizes an agreement to build a 135-room hotel.
The River Plaza project will include a full-body makeover of a 140,000-sf office building at 1701 River Run, acquisition of the Silver Fox Steakhouse to set up a sale-leaseback and expansion and 95,000 sf of brand-new specialty retail along University Dr. "You won't recognize the University area when we're finished," says Terry Montesi, CEO of the locally based Trademark and a Fort Worth native whose early career includes developing the neighboring retail, the now fully leased University Park Village.

Trademark's site totals nearly seven acres, with 600 feet of frontage along University Dr. and another 600 feet along the Trinity River. "It's one of the finest pieces of mixed-use land in the state," Montesi says. In a one-mile radius, its neighbors are the city's cultural district, its medical district, Texas Christian University and upscale neighborhoods of Colonial, Park Hill and Overton Woods. The development site also has direct access to the 35-mile hike and bike trail crisscrossing the city.

A start date has yet to be set, but construction will definitely get under way before the year ends, according to Montesi and Tommy Miller, Trademark's EVP. The JV cleared the last hurdle Wednesday night when Fort Worth City Council inked an economic development agreement. The first phase will deliver in 2009; the second, including the hotel, will come on line in 2010.

The Trademark team is finalizing a contract with a nationally recognized architect, several leading retailers and, of course, the hotel development company. "We are in the process of finalizing the design and making sure the brand works in the site," Miller stresses.

The River Plaza project, envisioned to total 320,000 sf, will include room for three more restaurants in the 95,000 sf of new space and 20,000 sf of retail space in the office building, which will remain open during construction in its transition. When the dust settles, there will be 100,000 sf of class A office space that meets today's standards.

Montesi likens the project's scope to Mockingbird Station and West Village, both in Dallas. "River Plaza will be a catalyst in the much-needed revitalization of one of the most strategic and underdeveloped districts in the City of Fort Worth," he says in a press release.

I don't think Andy's saying it's going to fail - just that the comparisons to Mockingbird Station and West Village are kinda off. Both Mockingbird Station and West Village are supported by light rail - two types, in the case of West Village (McKinney Avenue Transit's vintage streetcars and DART's modern line).

This city's going to have to get serious about actual light rail soon. Without it, comparisons to West Village and Mockingbird ring hollow to me.

Not necessarily, just a smart aleck remark about the marketing and comparisons to developments that probably aren't comparable. I do lament additional development on that part of University which already has congestion. I don't think it will fail, but I say again I am glad that I no longer work in that section of University 'cause the congestion is just going to get worse. Good luck to the developer.

Yes. It was replaced by West Elm but from what I have heard WE is not doing so great there? Is there a rail stop at West Village? If there is it's news to me.

Cityplace Station. That's the east side of West Village. There's development spreading towards it, and the McKinney Avenue Transit streetcars are usually pretty nicely timed to meet arriving DART trains.

Development detailed on University by TrinityBy SANDRA BAKERStar-Telegram Staff Writer

Trademark Property Co. of Fort Worth, helped by city grants of up to $12.1 million, will soon begin building a 135-room hotel and three restaurants and renovate an 11-story office building as part of a shopping center along the Trinity River just south of Interstate 30 and on the east side of University Drive, to be called River Plaza.

Trademark has quietly prepared the 320,000-square-foot development over the past few years.

It announced the project after the City Council last week approved the tax breaks and other incentives that will help pay for infrastructure work, including a 725-space parking garage.

The developer says River Plaza will bring new, national retailers to the area and will be a catalyst of "much-needed revitalization."

"Our feedback from the community is that people want more and better retail and restaurant options in walkable urban settings," Terry Montesi, chief executive of Trademark, said in a statement.

"This is a prime location, given the critical mass of specialty retail already in place," he said.

River Plaza is across University Drive from the popular University Park Village, a once-ailing shopping center that Montesi acquired in the early 1990s and renovated. He sold the center in 1994.

Construction is scheduled to get under way by the end of the year, with the first phase open in 2009. The second phase, which includes the hotel, would open in 2010, Trademark said.

Trademark is bringing on RP Partners, the owners of a 150,000-square-foot office building at 1701 River Run also called River Plaza, as a joint-venture partner. As part of the deal, the office building will be completely renovated and brought up to Class A standards. The second through 11th floors, about 140,000 square feet, will remain as office space. But the ground floor will house a restaurant and other shops.

Fort Worth lawyer and real estate investor Taylor Gandy and interests of the Clifton and Christine Overcash family have owned the office building since 1995.

The building is about 98 percent occupied, Gandy said.

The development group will also buy the Silver Fox steakhouse on University Drive, remodel it and lease it back to the restaurant group.

The River Plaza development will also add three restaurants, totaling more than 15,000 square feet, and more than 75,000 square feet for shops, according to the development's site plan. Montesi didn't say what brand the planned 100,000-square-foot hotel would bear.

The hotel and the parking garage will each be on top of the retail space.

It hasn't been decided whether some condos or apartments will be included, said Tommy Miller, a Trademark executive vice president.

Trademark is also developing the 300-acre, 1.8 million-square-foot Alliance Town Center in north Fort Worth for Hillwood Development.

Better Business Bureau: A place to find or post valid complaints for auto delerships and maintenance facilities. (New Features) If you have a valid gripe about auto dealerships, this is the place to voice it.

I jog that route almost every day. That area needs some improvement and much more lighting.

Very good visual of that restaurant opening up to the Trinity and overlooking the lush Park Place area, the Univ. Bridge at sunset and the FW Zoo. That part of the Trinity is just so peaceful at night. May see a fox or two running about.

Ther is also a huge lot (acres) for sale next to Forest Park and Mistletoe Ave. The area between the neighborhoods and All Saints or Baylor hospital.

Yet another "this didn't deserve its own thread and this seems the most logical place" post:

Was shopping at University Park Village this weekend and noticed a crane peering over the top of Barnes & Noble. I had to drive over to see what it was. It's located at about Collinsworth and Rogers and whatever they're building, it has already gone vertical. Anyone know what it's going to be?

Yet another "this didn't deserve its own thread and this seems the most logical place" post:

Was shopping at University Park Village this weekend and noticed a crane peering over the top of Barnes & Noble. I had to drive over to see what it was. It's located at about Collinsworth and Rogers and whatever they're building, it has already gone vertical. Anyone know what it's going to be?

i saw a condo project proposal in that general vicinity a few months ago, but passed on the deal and haven't kept up with it since. that might be what you saw.

WestBend mixed-use development on Trinity Fort Worth-based Trademark Property Co., along with RP Partners and a local investment group, announced the acquisition of three parcels of land in Fort Worth’s University District for the development of a $100 million urban mixed-use project.

Called WestBend, the 350,000-square-foot development will be built on urban infill properties along the banks of the Trinity River on University Drive just south of Interstate 30.

"We are surrounded by great neighborhoods, a solid concentration of specialty retail and other activity generators such as the Zoo, TCU, the Cultural District and the Colonial Country Club, host of the Colonial golf tournament," said Tommy Miller, senior partner with Trademark.

The property will offer 100,000 square feet of specialty retail and restaurants with outdoor seating on the river, 30,000 square feet of new Class A office space and a 135-room Hyatt Place lifestyle hotel. Plans call for the existing 120,000-square-foot, Class A River Plaza office building, which was constructed in the 1980s, to be renovated. A parking lot owned by the city of Fort Worth is also part of the deal.

Construction is expected to begin within 60 to 90 days and the first phase of WestBend will open fall 2009.

Trademark has tapped Field Paoli and Perkowitz+Ruth, Gensler of San Francisco and Fort Worth-based Gideon Toal to design the project.

LodgeWorks LP, a hotel development and management company based in Kansas, is developing the upscale Hyatt Place hotel.

Trademark also will work with Streams and Valleys Inc. to construct a new Trinity Trail trailhead, which will serve as a pedestrian portal to the project.

“We are excited about the response to the project,” said Terry Montesi, Trademark founding partner. “WestBend is also part of a strategic district that will soon be transformed with new urban housing on both sides of University. This strategic area of Fort Worth has been underdevelopment for years. We hope to be the catalyst for continued redevelopment to the area,” he said.

Thursday, April 24, 2008 - 7:38 PM CDTTrademark to develop $100M project along Trinity RiverDallas Business JournalTrademark Property Co. is teaming up with RP Partners and a local investor syndicate to develop a $100 million mixed-use project on the banks of the Trinity River.

The companies have acquired three parcels of land to develop the WestBend project on University Drive south of U.S. Interstate 30.

The 350,000-square-foot development will include 100,000 square feet of specialty retail and restaurants, 30,000 square feet of office space, a 135-room hotel and the renovated 120,000-square-foot River Plaza office building.

Construction will begin in 60 to 90 days, with the first phase set to open in fall 2009.

Fort Worth-based Trademark said the land bought for the project included three separate urban infill properties totaling 7 acres. It also included a 120,000 square-foot office building built in the early 1980's and a parking lot owned by the city.

"We are excited about the response to the project -- people say that WestBend has it all. It is mixed-use and pedestrian friendly and embraces the river frontage with a trailhead, restaurants and outdoor seating on the river," said Terry Montesi, Trademark founding partner.

Trademark has hired San Francisco-based Field Paoli, Long Beach, Calif.-based Perkowitz+Ruth, Gensler and Fort Worth-based Gideon Toal to design the project. Trademark is working with Wichita, Kan.-based Lodgeworks on integrating a 135-room Hyatt Place hotel into the project.

The company also will work with Streams and Valleys Inc. to construct a new Trinity Trail trailhead.

WestBend is located in the heart of the University District, within one mile of Texas Christian University, the Fort Worth Cultural District and the Medical District. The project is directly across University Drive from Fort Worth's University Park Village.

"WestBend is also part of a strategic district that will soon be transformed with new urban housing on both sides of university," Montesi said. "This strategic area of Fort Worth has been underdeveloped for years. We hope to be the catalyst for continued redevelopment to the area."

The North side parking lot has been fenced off today. It looks like we are off to the races. There are some renderings in the lobby that I may be able to post. This should be fun for those of us who work in this building.

Not feeling the parking lot on University, but that can be infilled later, I suppose. This section of University has quite a ways to go in the urbanization game, but this is at least a baby step. Everything except that looks good. The river-fronting retail is very cool and I applaud them for embracing the river and the Trinity Trails so well. Hope to see a lot more of that in the years to come as the TRV influences designs.

My wife was at the Wells Fargo the other day when all the workers showed up. She said it looked exactly like the scene in "the Money Pit" when the demolition crew showed up. They're finally getting after it.

Sigh...can we get more boring in our choice of retail? This is your basic mall fare. I think it will do well at first but when the novelty wears off people will go back to Hulen or Ridgmar or any of the other 9,000 shopping center options in Fort Worth.

I don't really have an idea of what would be better, but personally I would like to see something that's brand new to FW, or maybe a locally owned shop or two.

Sigh...can we get more boring in our choice of retail? This is your basic mall fare. I think it will do well at first but when the novelty wears off people will go back to Hulen or Ridgmar or any of the other 9,000 shopping center options in Fort Worth.

Well, it's not that different from what's across the street at University Park Village - and that place is doing boat tons of business, so I doubt West Bend will have trouble. Personally, if I were going to shop at these places (I'm not - they're not really my style. If I were, though), I'd rather go someplace nearby than drive to a dang-blasted mall, which is just a couple of rungs up my personal ladder of enjoyment from wandering around a sewage plant.

As I've said before, don't worry about the retail programming - there'll be places that appeal to you, and places that don't. It's more important to get the physical form of the development right. The programming will change with time.

It's more important to get the physical form of the development right. The programming will change with time.

That's true. I just worry about these developments going up and then becoming ghost towns in a couple of years, sitting empty and just occupying space. But if the physical form, as you say, is appealing then no worries, right? Because there will always be a tenant who wants the space.

You know what would be great to see, how about a residential 7 story tower that is built above the Trinity River just west of the University Bridge or the bridge near Colonial CC. Maybe above the bridge or street? I walk by (but need to jog) that trail all the time and have always imagined such a build. That would be great to see and the parking can be along the river or near that Steakhouse.

What's going on there? Any idea? I wouldn't be surprised if the credit markets are making construction and leasing pretty challenging right now.

I asked a couple of commercial realtors about the deal. Their understanding was that they would finish out the garage and the rest would be on hold. They weren't sure if it was a functin of the developers pulling back (lack of pre-leasing) or financing getting tough.

What's going on there? Any idea? I wouldn't be surprised if the credit markets are making construction and leasing pretty challenging right now.

I asked a couple of commercial realtors about the deal. Their understanding was that they would finish out the garage and the rest would be on hold. They weren't sure if it was a functin of the developers pulling back (lack of pre-leasing) or financing getting tough.

Anthropologie's website lists available manager positions for their Fort Worth location. Their posts are dated 12/29/08. It seems as if they are still planning on that location.

Perhaps Anthropologie is still a go... Remember it was originally listed as a tenant in Museum Place and both WestBend and Museum Place are being leased by UCR Urban... They have six positions listed for Fort Worth...

The site will soon be next door to a Heavy Industrial activity. Developers probably want the drillin' and fracin' to be done before trying to get high end retail and a Hyatt. I doubt the outdoor dining on the river will be very appealing if there's a northerly breeze, either.